Weekend Wars: Buffett vs. S&P
Warren Buffett has long ago become far more than the world's richest man or its greatest living investor. He's an institution and as such can get away with words and actions most of us mere mortals, cubicle drones and self professed intellectuals can only think but never say out loud.
One such example seems to be Buffett's latest claim that U.S. debt merits a "quadruple A" rating. Though I have disagreed with lots of things the Oracle of Omaha has said over the past few years, I must say I am fully on board with this one. If not all together in logic, then certainly in spirit.
Even though this past week's events have made many nervous and rightfully so, the status quo really has not changed much in the world. Yes, a U.S. debt downgrade is a symbolic victory for nouveau socialists and America haters. It has rightfully and righteously shined the inspectorial flashlight on Washington and its Left-Right coalition of leather chair loving incompetents breathing hard as they drag their feet to the next election's finish line. But it has not changed the power structure of world economics and has quite possibly swung the pendulum decidedly back in America's favor.
As I myself begin to age, I start to see that wisdom and smarts have little to do with one another. Mere intelligence or the ability to interpret data can't hold a handle to having seen it all before. Though Mr. Buffett does not spend his days explaining his positions in dissected detail, he does know a hell of a lot more than I or you do. As fun as it is to be the know-it-all scamp on the come up, it is also could to STFU and listen to someone who has seen it, been there and done it a hundred times before you were a twinkle in your daddy's eye.
For those who understand the tortured vanity of propping up the planet and being questioned for it, Buffett's rationale makes perfect sense. There won't be any revenge attacks against S&P for disgracing America's honor but I do believe the downgrade will eventually serve as the greatest catalyst in the recovery. Something that I, now for the first time, believe is on the horizon.
How about yourselves?